https://www.taxtmi.com/caselaws?id=456090 Declared transaction value cannot be rejected without cogent evidence of undervaluation, and customs valuation must proceed sequentially under the prescribed rules before resorting to the residual method. Here, the Department relied on email and internet-based material without contemporaneous evidence of identical or similar imports at a higher price, while the Chartered Engineer's report used local market prices and assumptions, which was not a proper basis for assessable value. The rejection of the invoice value and the valuation adopted on that report were therefore unsustainable, and the assessee succeeded. en-us Wed, 26 Jul 2023 00:00:00 +0530 Thu, 27 Jun 2024 08:51:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=456090 Declared transaction value cannot be rejected without cogent evidence of undervaluation, and customs valuation must proceed sequentially under the prescribed rules before resorting to the residual method. Here, the Department relied on email and internet-based material without contemporaneous evidence of identical or similar imports at a higher price, while the Chartered Engineer's report used local market prices and assumptions, which was not a proper basis for assessable value. The rejection of the invoice value and the valuation adopted on that report were therefore unsustainable, and the assessee succeeded. Case-Laws Customs Wed, 26 Jul 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=456090